Austin Council holds private meeting on Formula 1 funding

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by KVUE News

kvue.com

Posted on June 21, 2011 at 11:10 AM

Updated Tuesday, Jun 21 at 6:04 PM

The Austin City Council is in a private session Tuesday, talking about the plan to fund Formula 1 in Central Texas.

As of last week, that plan includes zero investment from the city.

Formula 1 organizers agreed to pay the full cost -- $4 million a year for 10 years to cover the deal. It is a requirement for F1 to get $25 million per year from the state from a special event fund.

Council members will discuss the plan Tuesday, but they will take no action and hear no public comment.
 

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